South Korea’s ICT Exports Hit USD 19.4 Billion in July

South Korea's export of information and communications technology (ICT) products rose for the ninth consecutive month in July, backed up by strong performances from key sectors. The ICT products shipment soared 32.8 percent from a year earlier to USD 19.4 billion in July, according to the South Korean Ministry of Trade, Industry and Energy. Import for ICT products expanded 6.0 percent over the year to USD 12.1 billion in July, sending the trade surplus in the ICT industry to USD 7.28 billion. Semiconductor exports jumped 49.0 percent to USD 11.23 billion last month on strong demand for chips used in artificial intelligence (AI) and a recovery in the IT hardware market. Display panel shipment grew 2.0 percent to USD 1.93 billion, while mobile phone export surged 69.4 percent to USD 1.23 billion. Shipment for computers and peripherals spiked 51.1 percent to USD 1.31 billion, but communications equipment export declined 2.4 percent to USD 190 million. Source: Qatar News Agency